What is Shiba Inu (SHIB)? Overview, Description, Temperament & Facts

Shiba Inu (SHIB) is a memcoin that many people are interested in, not only because of its popularity but also because of its unique personality and flexibility in the cryptocurrency market.

Therefore, this AZCoin article will give you an overview of the Shiba Inu, including its history, ecosystem, properties and information you need to know before investing.

What is Shiba Inu (SHIB)?

Shiba Inu (SHIB) is a memecoin developed on the Ethereum blockchain in August 2020. Inspired by the famous Japanese Shiba Inu dog breed, SHIB was born with the goal of competing with Dogecoin.

SHIB is an ERC20 token that users can purchase on exchanges or receive rewards for providing liquidity on Uniswap. The project also supports initiatives such as rescuing abandoned Shiba dogs and developing NFTs and the Shibaswap decentralized exchanges.

Shiba Inu information

Founding team

Shiba Inu – a project with a completely anonymous team, has a member known as Ryoshi. However, in May 2022, Ryoshi deleted all personal information and online activities.

Investors and partners

In terms of investors and strategic partners, as of March 2024, there are approximately 1.3 million SHIB holders, with the top 10 owning more than 59% of the total circulating supply of the token.

Shiba Inu has raised $12 million from strategic partners, including many names such as Comma 3 Ventures, Big Brain Holdings and Animoca Brands.

Roadmap

Meanwhile, although there is no official roadmap, there are rumors about SHIB’s future. Rumored projects include SHIBARIUM, Doggy DAO, Shiba Inu Game and the upgraded version ShibaSwap 2.0.

Refer to more articles about the trading exchange:

• Rizz Monkey coin

Shiba Inu ecosystem 

The Shiba Inu ecosystem is undergoing major changes and growing strongly in 2024. Here are some highlights:

• ShibaSwap: A decentralized exchange (DEX) developed by the Shiba Inu team, allowing users to trade SHIB tokens and other tokens. Notably, ShibaSwap features the ability to stake tokens in Puppy Pools to earn rewards in SHIB tokens.

• Shibarium: A layer 2 solution built on Ethereum with the goal of developing applications for gaming and the metaverse. Shibarium enhances the utility of tokens within the Shiba Inu ecosystem while improving Ethereum’s scalability, throughput, and reducing transaction fees.
• Shiboshis: Shiboshis is a collection of 10,000 NFTs representing various Shiba Inu dogs in different designs. The project promises to launch a Shiboshis game allowing NFT holders to use them within the game, although specific details about the game are currently unavailable.
• Shiba The Metaverse: Shiba Inu Metaverse is a virtual world built on the Ethereum platform, where users can explore, build, design, and play with the Shiba Inu community.
• Shiba Eternity: Shiba Eternity is a themed card collecting game centered around Shiba Inu. Developed by PlaySide Studios, the mobile game from Shiba Inu Games is available on both Android and iOS devices.

Outstanding features of the Shiba Inu project

The Shiba Inu project has the following outstanding advantages:

• Strong community: Shiba Inu has a large and crowded fan community, with over 300k followers on Twitter and 70k members on Reddit.
• Diverse DeFi ecosystem: Shiba Inu aims to build a diverse decentralized finance (DeFi) ecosystem, promoting the development of the Ethereum network.
• ShibaSwap: Shiba Inu’s decentralized exchange where users can stake their tokens to receive interest through staking rewards.
• NFT Marketplace Integration: ShibaSwap plans to integrate non-fungible tokens (NFTs) into their platform.
• Global Applicability: Shiba Inu is not limited to a specific country but can be used and traded globally.

Basic information about SHIB token

Technical information

• Token name: Shiba Inu
• Ticker: SHIB
• Blockchain: Ethereum 
• Token standard: ERC-20
• Token type: Utility, Governance
• Smart contract: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
• Block time: 20 second
• Market capitalization: 15.329.827.861 US$
• Circulation supply: 589.262.985.398.179
• 24-hour trading volume (May 22, 2024): 1.042.575.392 US$

SHIB Token Allocation

Token allocation of the Shiba Inu project (SHIB) is carried out according to the following information:

• 50% of the initial token supply is sent to Uniswap to provide liquidity.
• The remaining 50% is sent to the wallet of Vitalik Buterin, founder of Ethereum.

Which exchange to buy SHIB coins on?

Some of the best crypto exchanges where you can find SHIB include Huobi, Binance, Gate.io, Uniswap and OKX. These are reputable and popular exchanges where you can find the SHIB/USDT pair with high trading volume.

Wallet to store SHIB Coins

Since SHIB coin is an ERC-20 standard token, you can store it in wallets that support ERC-20 tokens such as MyEtherWallet (MEW), Trust Wallet, MetaMask, Coin98 Wallet or hardware wallets such as Ledger Nano and Trezor to ensure maximum safety for your assets

Does the SHIB coin have potential? Should you invest in SHIB coins in 2024?

In the evaluation process of SHIB for investment in 2024, there are several important factors to consider:

• Technical Analysis: Current technical analysis indicators show that SHIB is trending down in the 4-hour time frame, with the 50-day and 200-day moving averages both sloping down.
• Price Forecast: Some analysts predict that SHIB is likely to increase in price by around 5% in the short term, while others suggest a possible 40% increase based on factors such as the formation of a symmetrical triangle on the price chart.
• Community support: Community participation and development can be an important driver of SHIB’s price increase.

However, it should be remembered that investing in cryptocurrency always comes with high risks due to large price fluctuations. Investing in SHIB or any other cryptocurrency requires a thorough evaluation process, including in-depth research of the project, a clear understanding of how it works, and close monitoring of market analysis.

Conclusion

Above is the most complete information about the Shiba Inu trading exchange. No matter which exchange you join, in any field, you should learn carefully about the regulations there. If you have any questions, you can contact AZCoin. We will respond as soon as we receive it. Good luck!